The Indian rupee gained 9 paise against the dollar on strong gains in Indian equities and dollar weakness across the globe.
The rupee was last trading at 54.74 against the dollar. A strong trend in equities amidst dollar inflows from foreign funds has helped the rupee.
The rupee had gained substantially since the government unleashed a wave of reforms. However, it continued to show a weak trend in November, due to robust demand for the US greenback from oil importers.
The rupee is expected to move in a range and fresh action might be visible after the year end.